anyone swap a 4.6 mod motor into a older car?

i have a a 01 4.6 sohc for my cobra kit. i was thinking of loosing the efi for a better looking carb set up,i have seen a few in street rods and it looks good. but will it be as driveable and user freindly as the efi set up,i also am wondering about how much it will hurt fuel milage..im getting 25 mpg now.i know im going to loose a bit but how much?
has anyone done this sawp?if so how do you like it?

 

Haven't owned one but I have seen one with what appears to be Webbers..... really electronic FI. Diverts your eyes away from the fact that its a modern engine. There's an '03 Mustang Cobra engine in the new HotRod with Hilborn electronic FI.

 

and the brandnew 5.0L with injection that Hollywood Hot Rods did...

a friend of my dad's has a Model A Coupe with a carb'd 5.4L.. but I can't give you much info on it, he hasn't fired it yet.. but it's got a custom intake with 2 500 Holley 2 barrells... pretty cool lookin... really wide/tall engines..

 

In the process of swapping a 4.6L Cobra into a 67 Fairlane.

 

Off Topic latemodel engine.